Global oil prices dropped sharply on Monday, easing from recent highs as some vessels resumed through the strategically vital Strait of Hormuz amid ongoing geopolitical tensions. Read More: Oil rises further above $100, most Asian stocks fall as Iran war rages Brent crude futures fell by $2.93, or 2.8%, to settle at $100.21 per barrel, while […]
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India to cut Russian oil imports
NEW DELHI – Indian refiners are preparing to drastically reduce imports of Russian crude oil following new U.S. sanctions targeting Russia’s two largest oil producers, Lukoil and Rosneft, industry sources confirmed Thursday. The move is expected to ease trade tensions with Washington, which has imposed steep tariffs on Indian exports in part due to its […]
Asian shares rise,oil extends gain after OPEC+ deal
SYDNEY: Asian shares were cautiously higher on Thursday, while the dollar eased ahead of US non-farm payrolls data, and oil prices gained for a fourth day after deep production cuts pledged by OPEC+ members. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.4% in early Asia trade, as US futures gained. The index is […]
Oil producers to consider output cuts after price slide
ABU DHABI: Major oil producers meet in Abu Dhabi on Sunday to consider reverting to output cuts after a sharp slide in crude prices revived fears of a 2014-style crash. Oil prices shed a fifth of their value in just one month after surging to a four-year high in early October, driven by a combination […]